Thursday, January 17, 2008

Part 2: Price Point, format, and print run

Why is it important to gather these 3 facts? Whenever an editor prepares an offer, they run a P&L (Profit & Loss). I'll give you an example of a P&L in a bit, but for now just know that an editor will use the same information you have asked for to run this, and to decide how much of an advance they can offer.

ESTIMATED INITIAL PRINT RUN-- Pretty self-explanatory. Their estimate of how many copies they will print the first time through of your work.

FORMAT--The manner in which your work will be published. Hardcover, trade paperback, mass market paperback, e-book, audiobook. For our case, I'm just going to talk about hardcover and mass market.

Some publishing houses handle both hardcover and mass market paperback, while others may only handle one or the other. This is important to know before you even approach a publisher (if you want to start by publishing in hardcover, then onto mass market a year later, it isn't in your best interest to submit to a mass market paperback only publisher to start).

Why is asking for formatting important?
One: Royalties are different for hardcover and paperback.
Two: How you approach an offer would differ depending on whether they want hardcover, paperback, or both.

PRICE POINT-- The price they plan to charge for your book. This will also differ whether they are publishing in hardcover or paperback.

Okie dokie, next post we'll go over an example P&L.

Stay literate;)

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